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ECONOMICTERMS 4th20
ECONOMIC TERMS AND CONCEPTS 75%
Question | Answer |
---|---|
62. PRICE | AMOUNT OF MONEY THAT PEOPLE PAY IN EXCHANGE FOR A UNIT OF GOOD OR SERVICE |
63. RATIONING | A SYSTEM IN WHICH THE GOVERNMENT DECIDES EVERYONES FAIR SHARE |
64. MARKET EQUILIBRIUM | QUANTITY OF GOODS DEMANDED EQUALS QUANTITY SUPPLIED |
65. SURPLUS | SITUATION WHERE QUANTITY SUPPLIED IS GREATER THAN QUANTITY DEMANDED AT A GIVEN PRICE |
66. SHORTAGE | QUANTITY DEMANDED IS GREATER THAN QUANTITY SUPPLIED AT A GIVEN PRICE |
67. EQUILIBRIUM PRICE | NEITHER A SHORTAGE NOR A SURPLUS, SUPLLY = DEMAND |
68. OLIGOPOLY | FEW SELLERS OF THE SAME PRODUCT |
69. MONOPOLY | ONE SELLER OF A PRODUCT WITH NO CLOSE SUBSTITUTES |
70. NATURAL MONOPOLY | SITUATION WHERE COSTS ARE MINIMIZED BY HAVING ONE LARGE FIRM PROVIDE THE PRODUCT OR SERVICE |
71. ECONOMIES OF SCALE | THE LARGER A FIRM GROWS, THE BETTER IT USES IT’S RESOURCES |
72. PATENT | AN EXCLUSIVE RIGHT TO MAKE A PRODUCT |
73. COPYRIGHT | GIVES AUTHOR EXCLUSIVE RIGHT TO PUBLISH OR SELL (MUSIC, LITERATURE) |
74. PUBLIC GOODS | GOODS SUCH AS HIGHWAYS, POLICE ETC THAT EVERYONE USES |
75. PRIVATE GOODS | GOODS CONSUMED BY AND PAID FOR BY A PARTICULAR PERSON |
76. CRAFT UNION | AN ASSOCIATION OF WORKERS WHO PERFORM THE SAME KIND OF WORK |
77. INDUSTRIAL UNION | AN ASSOCIATION OF ALL WORKERS IN GIVEN INDUSTRY, NO MATTER WHAT JOB THEY PERFORM |
78. STRIKE | A REFUSAL TO WORK UNTIL CERTAIN DEMANDS ARE MET |
79. RIGHT-TO-WORK LAWS | A STATE LAW MAKING IT ILLEGAL TO REQUIRE WORKERS TO JOIN A UNION |
80. MEDIATION | A THIRD PARTY IS BROUGHT IN TO OFFER A SOLUTION TO A DISPUTE. THE TWO SIDES DO NOT HAVE TO ACCEPT HIS/HER SOLUTION |
81. ARBITRATION | BOTH SIDES AGREE TO LET A THIRD PARTY RESOLVE THEIR DISPUTE |
82. MINIMUM WAGE | THE LEAST AMOUNT THAT CAN BE PAID BY LAW TO CERTAIN WORKERS |